It seems that auto car insurance premiums in Ontario, especially the Greater Toronto Area, are the most expensive amongst all Canadian provinces. The Ontario government keeps trying to mitigate the rise of car insurance premiums but due to high claim ratios and insurance fraud, the premiums stay in a high level.
You can make car insurance premiums lower but usually it means the coverage is also reduced accordingly. If you can afford the deductible, it would be a good idea to choose a higher deductible.
There are more than 30 insurance companies that provide car insurance through different distribution channels. They are through insurance brokers, exclusive insurance agents or direct insurance sales through online or telephone. They are competing so hard and try to differentiate from one from another with premiums, coverage, limits, bundles and discounts.
An insurance agent represents only one insurance company, for insurance, All State, Cooperators, Desjardins, State Farm, TD insurance, RBC insurance and etc. Financial Service Commission of Ontario (FSCO) regulates all insurance agents.
Insurance brokers must represent more than 2 insurance companies. Usually they represent 5 to 10 insurance companies. Registered Insurance Brokers of Ontario (RIBO) regulates all insurance brokers.
So in order to shop car insurance at 30 insurance companies you need to contact at least one or two insurance brokers who represent approximately 10 different insurance companies and more than 10 insurance agents who represent a single insurance company.
When you would like to find good and inexpensive car insurance, you may check the name to see if the insurance agent or broker is registered with FSCO or RIBO.
Usually up to $1,000,000 or $2,000,000
- Increased Income Replacement
- Increased Medical, Rehabilitation and Attendant Care
- Additional Catastrophic Impairment
- Caregiver Benefit
Loss or Damage to Your Automobile
- Specified Perils
- Collision or Upset
- All Perils